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MGT501 Business Environment Report 1 Sample

Assessment Instructions

1. Adopting an established reflective model (e.g., the Gibbs Reflective Cycle 1988, or the Driscoll Reflective Model, 1994) and relevant aspects of topics covered in Modules 1 and 2, you are required to write up to 1000 words of ‘initial reflection’ on the reasons for undertaking your current course of study. The topics you are expected to cover may include, but are not limited to business environment and reflective business practices, business structures and government regulations, including economic principles. Please note that you are required to adopt ONLY ONE (1) reflective model in this assessment. Please also note that all written assessment submissions in TUA MUST be in Word Format.

 PDF submissions are not acceptable, and may attract a zero mark.

2. The reflection should address the following questions:

- How did your experiences (academic and/or work) prepare you for the current course of study?
- What are the past experiences (or interests) you have in this area?
- How would you ensure the required outcomes of your course of study are being met?
- How would you manage and monitor your academic activities to ensure a successful conclusion of your course of study?
- Looking into the future, what are the implications of your current course of study in later life (post-career)?
- What are the goals you would like to set for yourself, with respect to your current course of study?

3. Key points to consider:

- Start the reflection with a brief description of your initial understanding of business environment, reflective practices, economic principles and others. With reference to these subject contents, justify your choice of current course of study, identify how your course of study relates to your own experiences, and how you may apply your knowledge in the future.

- You are expected to carefully analyse your previous experiences and current expectations. Your reflection should be clear and succinct, and demonstrate that you have short-term and long-term goals, including an understanding of what you want to do with your degree.

- Please note that the reflection is about your course of study and career/professional projections. You need to integrate some theoretical implications of this subject into your reflection. For example, if the reason for embarking on an MBA program is to change your profession, start a new business, or advance your career, you may need to reflect on the consequences/implications of some business environment issues — stakeholders, business structures, macro- and microenvironments, etc.

4. Structure and Format:

- Please structure the reflection as follows: Cover sheet: You may use the formal Torrens University coversheet. Or a simple one with student details (student name, ID, Subject code & name, Assessment number and title, Lecturer/LF).

Introduction: Brief (one sentence) aim of the assessment, and how you intend to achieve it (brief outline of your adopted reflective model [e.g., Driscoll, 1994] and its stages). Main body: Use the reflective model stages as your main headings (e.g., Driscoll, 1994 — what, so what and now what) to address the suggested reflective points.

Conclusion

Reference List

Solution

Introduction

Self reflection is an indeed effective procedure that will unveil the “reasons” that have led to my decision of joining Torrens University to pursue my MBA. This analysis will be done based on the Gibbs’s Reflective Cycle (1988) and will focus on why I decided to pursue this postgraduate programme. The academic and professional experiences in this paper will be analyzed according to the Gibbs Reflective model that implies the six stages of description, feelings, evaluation, analysis, conclusion, and action plan in relation to the chosen course of study and its future impact on the given career. (Golumbic et al. 2022.p.100104).This reflection For The Assignment Helpline will focus on the business environment, business structure, government influence, key economic concepts, and finally my experiences that helped me in this journey.

Reflect on the reasons for undertaking MBA using Gibbs’s Reflective Cycle (1988)

- Description

As a student doing MBA in Australia, I am also enriched with the professional experiences acquired when operating small foods retailing business. Operating a business in a very competitive industry provided a good background on how business is being handled on a day-to-day basis especially as it relates with customers (Handoyo et al. 2023.p. 100039). The dynamics and nature of the business fluctuations, compliance with economic rules, and competition put me in processing that I require a formal education to excel in a bigger organization with more complicated systems.

Figure 1: Gibbs’s Reflective Cycle
(Source: Zhan et al. 2023.e13299).

This realization has encouraged me to enroll myself into MBA with a view to attaining more advance level of business structures, economic principles etc. (Zhan et al. 2023.e13299).

- Feelings

When I first started my business I thought that I could handle common business tasks like merchandizing and purchasing, handling customers and suppliers (Varadarajan, 2020.p.91). But, I could not grasp basic things like market forces, inflation, and government policies affecting me directly in my business (Guerola-Navarro et al. 2021.p.86). This brought much concern as far as the sustainability of my business was a concern. I decided to pursue MBA to complement on these knowledge deficits, enhance my decision making and prepare me for other tasks ahead.

- Evaluation

Looking back at my experiences, I now recall that the skills I gained while running a small business include problem-solving skills, time management skills, adaptability etc. These skills have enabled me gain the qualities of an MBA student. Initially, I was not fully aware of the broader business ideas like strategic management, financial and macroeconomic analysis. MBA will enable me handle these areas of weakness and lead to preparation for the future leadership positions (Ver Steeg Jr, 2022.p. 100661). Apart from that, studying in Australia has helped me to learn about different business environment.

- Analysis

I have gained detailed understanding about macro-environment, economic factors, legal systems and market forces etc. The MBA program has helped me to realize how external environments play an important role in business planning and operations (Dey, 2024.p.100944). Even, I have come to know the significance of reflective business practices. I believe, continuous reflection and evaluation of my business strategies lead to necessary adaptations( Rico et al. 2020.p.511). This realization has shaped my commitment to lifelong learning to a great extent.

- Conclusion

The MBA program at the Torrens University is offering those opportunities and I am sure that in the near future I will be able to succeed. In the short-term goal I am looking to perform better in my course work especially in areas that I have always looked forward to have a challenge such as financial analysis and strategic management. In my opinion, all these Lessons Learned will help me in my profession in the future.

- Action Plan

 

Table 1: Action Plan
(Source: created by the author).

Conclusion

Gibbs Reflective Cycle has helped me to critically reflect on my past experiences and my current motivations for pursuing an MBA. Through this reflection, I have gained a deeper understanding of how my past as a small business owner has prepared me for the challenges of this program, while also highlighting the areas where I needed to improve. The action plan I have created will help me stay focused on my academic goals and ensure that I continue to grow both personally and professionally over the period.

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